Reuters: Market News: UPDATE 1-Europe Factors-Shares to extend losses on growth concerns

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UPDATE 1-Europe Factors-Shares to extend losses on growth concerns Mar 29th 2012, 05:58 Thu Mar 29, 2012 1:58am EDT LONDON, March 29 (Reuters) - European shares were expected to open a touch lower on Thursday, taking their cue from losses in the United States and Asia as lingering concerns about global economic growth weighed on sentiment, leading investors to take profit on a strong quarterly run. Financial spreadbetters expected Britain's FTSE 100 to open 14 to 19 points lower, or as much as 0.3 percent, Germany's DAX to open 14 to 22 points lower, or as much as 0.3 percent, and France's CAC-40 to open 4 to 7 points lower, or as much as 0.2 percent. The euro zone blue chip Euro Stoxx 50 index and Britain's FTSE 100 sent a bearish technical signal on Wednesday by closing below their 50-day moving averages. Sentiment had been dented by data showing new orders for U.S. durable goods increased only modestly in February, below analysts' forecasts, while a gauge of future business investment also fell short of expectations, raising the prospect that economic growth in the first quarter could be lacklustre. "Risk appetite was generally subdued with commodities and risk currencies losing ground," Stan Shamu, a market strategist at IG Markets, said. "We are likely to see some follow-through selling in US and European markets at the open, with mild losses expected." The Standard & Poor's 500 Index slipped 0.5 percent on Wednesday, while Japan's Nikkei average fell 0.7 percent on Thursday but both gauges were on track to record solid quarterly gains. European investors were looking for signs the region's largest economy was holding up when Germany releases unemployment data at 0755 GMT. Germany's unemployment rate was expected to have remained steady for a third consecutive month at 6.8 percent in March. Confidence in the euro zone's economy was estimated to have risen for a third month in a row in March, with the European Commission's economic sentiment indicator, due at 0900 GMT, seen edging up to 94.6 from 94.4 in February. The Commission's monthly report on business morale was also expected to show an improvement at -0.16 from -0.18 in February. Italy was set to sell up to 8.25 billion euros worth of bonds on Thursday, with banks expected to support demand although investors were on the lookout for signs the boost to demand provided by the European Central Bank was on the wane a month after its second, and likely last, offering of three-year funds. Energy stocks were under scrutiny as oil extended the previous day's losses after data showed U.S. crude oil inventories posted the largest weekly build since July 2010, while France said it was in talks with the U.S. and Britain on a possible release of strategic oil stocks to force down oil prices. -------------------------------------------------------------------------------- MARKET SNAPSHOT AT 555 GMT LAST PCT CHG NET CHG S&P 500 1,408.2 -0.3 % -4.23 NIKKEI 10,100. -0.8 % -81.68 9 MSCI ASIA <.MIASJ0000P -1.29 % -6.73 EX-JP S> EUR/USD 1.3313 -0.02 % -0.0002 USD/JPY 82.69 -0.23 % -0.1900 10-YR US TSY 2.200 -- 0.00 YLD 10-YR BUND 1.852 -- 0.02 YLD SPOT GOLD $1,657. -1.37 % -$22.95 9 US CRUDE $105.24 -1.95 % -0.17 GLOBAL MARKETS-Shares fall on U.S., China growth worries Nikkei retreats further from 1-year high; Sharp rises Wall St eases as energy and materials sectors weigh FOREX-Yen firms up, but year-end support seen waning PRECIOUS-Gold gives up early gains; tracks equities lower UPDATE 1-Brent near $124 as U.S. crude stocks rise Brent at $125 on U.S. stocks rise, possible release TREASURIES-Bonds stabilise in Asia after drop COMPANY NEWS: TOTAL said it was looking at ways to extinguish a flare left burning less than 100 metres from where explosive natural gas was leaking from the French energy company's Elgin North Sea platform for a fifth day. HOCHTIEF Top Australian contractor Leighton Holdings, majority-owned by German construction group Hochtief, slashed its full-year profit forecast by a third due to surging costs on its two biggest projects, knocking its shares down more than 9 percent, in the latest blow to its German and Spanish parents. [ID: ] EADS Air China Ltd 0753.HK 601111.SS, the national flag carrier of the country, said on Thursday that it has not cut or cancelled any Airbus orders, and plans to expand capacity. BNP PARIBAS, SOCIETE GENERALE are making strides in reducing their balance sheets as they come to grips with more stringent capital requirements and a dearth of dollar funding, the French banks said on Wednesday. VOLKSWAGEN AG said on Wednesday that output at its Mexican plants would likely rise 20 percent in 2012 compared with 2011. RIO TINTO has received a binding offer from private equity group HIG for three French alumina plants that are part of an estimated $8 billion of aluminium assets put up for sale last year by the global miner to try to boost margins. ROCHE has increased the offer price for Illumina to $51 per share. Link this Share this Digg this Email Reprints

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